EOS - Asynchronous Smart Contract Platform - (Dan Larimer of Bitshares/Steem)

[Joohansson]

I know there is no official EOS prototype yet but can someone explain how the POS is supposed to work compared to POW?
I understand Ethereum you run your app on the network and pay with ether to get CPU power. The computers providing power are rewarded with ether.
With POS you only need to prove you own a certain amount of tokens and get bandwidth accordingly. No need to spend your tokens. I guess that is how EOS is supposed to work. How are the computers providing the power compensated in that case?

[jezus]

How can this be next etherum when this is a token?

[pabloangello]

How can this be next etherum when this is a token?

Points 4, 5 and 6 https://eos.io/faq.html
So basically hard to say :p

[Joohansson]

How can this be next etherum when this is a token?

Well, It seems the tokens that are being sold now on ethereum network are not the one that are going to be used on the EOS blockchain later. I don't really know how they can be of such value right now, I guess that's one of the reasons why everyone says it's a scam. Personally I don't think someone can come up with something delicate as this without the intention to actually build it.

PLEASE NOTE: CRYPTOGRAPHIC TOKENS REFERRED TO IN THIS WHITE PAPER REFER TO CRYPTOGRAPHIC TOKENS ON A LAUNCHED BLOCKCHAIN THAT ADOPTS THE EOS.IO SOFTWARE. THEY DO NOT REFER TO THE ERC-20 COMPATIBLE TOKENS BEING DISTRIBUTED ON THE ETHEREUM BLOCKCHAIN IN CONNECTION WITH THE EOS TOKEN DISTRIBUTION.
https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md

But don't expect that to happen anytime soon. According to the roadmap there is at least a year before stable release:
https://github.com/EOSIO/Documentation/blob/master/Roadmap.md

[Joohansson]

How can this be next etherum when this is a token?

Points 4, 5 and 6 https://eos.io/faq.html
So basically hard to say :p

17 and 21 are interesting as well. The tokens could have absolutely no value after the distribution period, or they will. It's up to the community.

[t3x]

How can this be next etherum when this is a token?

Well, It seems the tokens that are being sold now on ethereum network are not the one that are going to be used on the EOS blockchain later. I don't really know how they can be of such value right now, I guess that's one of the reasons why everyone says it's a scam. Personally I don't think someone can come up with something delicate as this without the intention to actually build it.

PLEASE NOTE: CRYPTOGRAPHIC TOKENS REFERRED TO IN THIS WHITE PAPER REFER TO CRYPTOGRAPHIC TOKENS ON A LAUNCHED BLOCKCHAIN THAT ADOPTS THE EOS.IO SOFTWARE. THEY DO NOT REFER TO THE ERC-20 COMPATIBLE TOKENS BEING DISTRIBUTED ON THE ETHEREUM BLOCKCHAIN IN CONNECTION WITH THE EOS TOKEN DISTRIBUTION.
https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md

But don't expect that to happen anytime soon. According to the roadmap there is at least a year before stable release:
https://github.com/EOSIO/Documentation/blob/master/Roadmap.md

They are the ones used on the EOS blockchain later actually. That's why this section exists on the eos.io website:

Failing to register a public key for your Ethereum account
If you hold EOS Tokens in an Ethereum account and fail to register a public key or lose the private key that maps to your registered public key, then your EOS Tokens will not be part of the snapshot when the EOS Tokens become fixed and non-transferable on the Ethereum blockchain. If and when someone launches a blockchain adopting the EOS.IO Software there may be less than 1 billion EOS Tokens outstanding after taking into account those who fail to register a public key.

That's everything you'd need to know about how it is expected to play out right there. And that is also why they have those disclaimers everywhere about the tokens having no worth, because the EOS team has stated many times that they themselves are not going to be launching a public blockchain. They are only creating the software for others to run a blockchain on. So if everyone who implements EOS's technology decides not to use their Ethereum snapshot to have a jumpstart of users on their blockchain, then yes, your token will become and remain worthless after that freeze. But give the amount of money behind EOS and the amount of users involved, a company would be crazy to not use the Ethereum snapshot to get a massive and instant influx of users and money into their new chain.

[jmigdlc99]

Theres so much bad publicity surrounding this ICO. Seems like a money making scheme that does nothing but build from existing tech. I wonder what some people see in it, aside from making a quick buck.

[pabloangello]

Theres so much bad publicity surrounding this ICO. Seems like a money making scheme that does nothing but build from existing tech. I wonder what some people see in it, aside from making a quick buck.

Not seems, it IS money making scheme. No matter weather we will see real working product behind it or not, so far we had only words in action, words that created hundreds of $millions and everyday $millions of volume.

[Joohansson]

Theres so much bad publicity surrounding this ICO. Seems like a money making scheme that does nothing but build from existing tech. I wonder what some people see in it, aside from making a quick buck.

Not seems, it IS money making scheme. No matter weather we will see real working product behind it or not, so far we had only words in action, words that created hundreds of $millions and everyday $millions of volume.

Will be interesting to follow either way. Most said Ethereum was a big joke until the price exploded earlier this year, well many still saying it's a joke though..

[pabloangello]

Theres so much bad publicity surrounding this ICO. Seems like a money making scheme that does nothing but build from existing tech. I wonder what some people see in it, aside from making a quick buck.

Not seems, it IS money making scheme. No matter weather we will see real working product behind it or not, so far we had only words in action, words that created hundreds of $millions and everyday $millions of volume.

Will be interesting to follow either way. Most said Ethereum was a big joke until the price exploded earlier this year, well many still saying it's a joke though..

I'm not saying this project is a joke because we dont really know what code is behind it exactly and how it works. I'm saying currently it's creating money out of plain words - and whata money it is :O
I also watch this carefully, even plan to buy some but days from now.

[t3x]

Since I was banned from their chat by Dan for discussing this, I'll just post it here.

https://image.ibb.co/esbsaF/eos_transfer.png

[Joohansson]

Since I was banned from their chat by Dan for discussing this, I'll just post it here.

https://image.ibb.co/esbsaF/eos_transfer.png

Do you have any proof they are buying EOS and not other coins, or USD? They say they will not perform any share buybacks and if they did I think it would be pretty much impossible for them to hide and they would be pretty much screwed pretty fast.

[Joohansson]

I know there is no official EOS prototype yet but can someone explain how the POS is supposed to work compared to POW?
I understand Ethereum you run your app on the network and pay with ether to get CPU power. The computers providing power are rewarded with ether.
With POS you only need to prove you own a certain amount of tokens and get bandwidth accordingly. No need to spend your tokens. I guess that is how EOS is supposed to work. How are the computers providing the power compensated in that case?

I think I managed to answer my own question by reading the white paper. Some quotes:

"Block producers publish their available capacity for bandwidth, computation, and state. The EOS.IO software allows each account to consume a percentage of the available capacity proportional to the amount of tokens held in a 3-day staking contract. For example, if a blockchain based on the EOS.IO software is launched and if an account holds 1% of the total tokens distributable pursuant to that blockchain, then that account has the potential to utilize 1% of the state storage capacity."

"One of the major benefits of the EOS.IO software is that the amount of bandwidth available to an application is entirely independent of any token price. If an application owner holds a relevant number of tokens on a blockchain adopting EOS.IO software, then the application can run indefinitely within a fixed state and bandwidth usage. In such case, developers and users are unaffected from any price volatility in the token market and therefore not reliant on a price feed. In other words, a blockchain that adopts the EOS.IO software enables block producers to naturally increase bandwidth, computation, and storage available per token independent of the token's value."

"A blockchain that adopts the EOS.IO software will award new tokens to a block producer every time a block is produced. In these circumstances, the number of tokens created is determined by the median of the desired pay published by all block producers. The EOS.IO software may be configured to enforce a cap on producer awards such that the total annual increase in token supply does not exceed 5%."

So, in summary: Your EOS app receives computational power proportional to the amount of tokens you hold. Block producers are rewarded with new tokens produced by the blockchain and the market price of the tokens control how much computational power the block producer can afford. So just like Ethereum the token amount is indefinite with a proposed cap of annual increase of 5%. Sounds like it could work.

[Lyd]

Is someone having delays claiming their EOS using MEW?

[t3x]

Is someone having delays claiming their EOS using MEW?

It's cause of overloads on the ethereum network and falling prices. Confirmation times are taking looong, just check your transaction details to see how many confirmations it has. Or maybe you didn't give enough GAS and it failed.

[BricoTkn]

Market cap going down... I might buy when marketcap reaches 50M€

[Ceoltoir]

Hi, I am terribly sorry if this is a wrong place to ask that but I've sent some ethereum using myetherwallet but using option Send Ether and Tokens, instead of "Contracts". Is there any way possible to claim my EOS tokens or I've just foolishly lost them? (it was a small test transaction, yet I would love to see it succeed).

[t3x]

Hi, I am terribly sorry if this is a wrong place to ask that but I've sent some ethereum using myetherwallet but using option Send Ether and Tokens, instead of "Contracts". Is there any way possible to claim my EOS tokens or I've just foolishly lost them? (it was a small test transaction, yet I would love to see it succeed).

No, you did it correctly, don't worry. Did you send it today? You can only claim your tokens after the token period of the day ends, which is 6 hours 45 minutes from this comment.
What you'll do is go into the contracts section, select the EOS contract from the dropdown, and then change the thing you want to do at the bottom left to "claimAll", you'll be asked to load a wallet, so choose the one you want to store your tokens on. After that, click the "Write" button, you'll be asked to send an amount of tokens, but just leave it "0". And set the "Gas Limit" to around at least 3000000, or the transaction may run out of gas and fail. When this transaction completes, the tokens will be associated with that wallet and you'll see them on the right side whenever you log into myetherwallet.

I would recommend against buying into the token sales though, they always end up more expensive than just buying the tokens on the exchange. (The amount of tokens you get is determined by how many people contributed by the end of the 23 hour period, the more people, the less of the share you get.)

[vip777]

Today I sold everything. I will be keeping a close watch. My opinion is that the capitalisation will only fall. Now the platform yet, and the money collected very much.

[StockBet.com]

Well, It seems the tokens that are being sold now on ethereum network are not the one that are going to be used on the EOS blockchain later. I don't really know how they can be of such value right now, I guess that's one of the reasons why everyone says it's a scam. Personally I don't think someone can come up with something delicate as this without the intention to actually build it.

I don't think it's a scam.  I think they will map out the EOS tokens onto the cryptographic tokens on the EOS blockchain.

I'm more concerned about their ability to enable parallel processing. 

The biggest selling point of EOS is its claim that it can process millions of transactions per second.  To do this, Larimer said that they will enable parallel processing.  PP is extremely difficult.  It takes teams and teams of programmers to enable this on a single computer.  I don't see how EOS is going to do this over many distributed remote computers.

I read their white paper and it does not explain how they will achieve parallel processing.  Based on such little information, the probability is that they will fail.  If they fail, then EOS will be similar to Bitshares.

Maybe they know more than they are disclosing in the white paper.  If they pull off parallel processing, it will be a monumental achievement.

I think this is the biggest risk with buying EOS.